• EUR/AUD gained towards 1.6665 on Monday as euro attracted buyers ahead of European Central Bank's monetary policy meeting later in the week.
• The ECB meets on Thursday and is expected to keep rates at a record high 4%, but the central bank is also likely to lower its outlook for inflation in a nod to eventual cuts.
• At GMT 15:56, the pair was trading up 0.36 percent at 1.6667 ,highest since 29th February.
• From a technical viewpoint, RSI is strongly bullish at 60, daily momentum studies, 5, 10 and 21 daily MA’s are trending up.
• Immediate resistance is located at 1.6674 (23.6%fib), any close above will push the pair towards 1.6710 (Higher BB).
• Immediate support is seen at 1.6599 (Daily low) and break below could take the pair towards 1.6568 (38.2%fib).
Recommendation: Good to buy on dips around 1.6650, with stop loss of 1.6560 and target price of 1.6740.
